저자: 미상 · 외국인
요약 보기
결론: 텐배거(10배 상승) 종목은 강한 틈새시장, 수익성 있는 성장, 우수한 자본배분을 갖춘 기업에서 나오며 투자자는 인내가 필요하다. 주제 개념: 텐배거는 주가가 최소 10배(900% 이상) 오른 종목을 뜻하며, 독일 기업 중 찾기 어렵지만 보유 시 보람이 크다고 설명. 사례 종목 Atoss Software(뮌헨 소재 소프트웨어 기업, 직원 배치·협업·계획 앱): 2010년 2월부터 포트폴리오에 보유, 배당 포함 누적 약 1850%, 연 평균 약 34% 수익. 진입가 약 17.50유로 대비 배당 제외 약 1000% 상승 언급. 틈새시장과 성장: 경쟁자가 진입하기 어려운 틈새를 점유하면 가격 압력이 낮고 높은 마진과 투하자본수익률이 나오며, 장기간 두 자릿수 성장이 가능하다고 주장. 배당 및 자본배분: 성장기업 특성상 배당은 낮지만 자금을 회사 내에 재투자해 성장을 이끈다. 경영진은 자사주 매입·특별배당·인수합병을 검토했으나 주가가 이미 높다고 판단해 자사주 매입을 보류하는 등 신중한 자본배분을 하고 있다고 평가. 과거 보유했던 금(골드) 투자는 사업 모델을 불안정하게 만든다는 판단하에 축소했다고 설명. 진입 시점과 밸류에이션: 성장 기업은 항상 높은 배수를 가지므로 고평가에 현혹되지 말고 PER을 성장률과 비교해 판단해야 한다. 이야기가 유효하고 성장이 지속되는 한 투자하기에 늦은 시점은 없다는 입장. 재무 건전성 점검: 재무상태표를 정기적으로 확인하고, 부채 기반 외형 확장보다 내생적(유기적) 성장을 선호. 해당 기업은 부채가 거의 없고 순현금 유동성이 높다고 언급. 결론 및 조건: 텐배거의 핵심은 강한 틈새, 수익성 있는 성장, 좋은 경영진이며, 투자자에게는 수년 단위의 인내가 필요하다. 리스크: 영상은 특정 종목의 과거 수익률 중심이며 향후 가격 방향에 대한 구체적 예측은 없음. 고평가 상태에서의 추가 하락 가능성은 명시적으로 다뤄지지 않음. 출연자 전망: 장기적으로 Atoss 같은 기업의 성장 지속과 경영진의 자본배분에 대한 긍정적 견해.
다듬은 글
In this episode, we'll be discussing dancers – what exactly are they? What does an investor need to achieve a tenbagger? And we'll also introduce a baker from our portfolio. Stay tuned, dear viewers! Welcome back to Private Investor TV. Today we want to discuss the topic of tenbaggers. Investors familiar with Peter Lind will know exactly what we're talking about.
But we also want to explain to new investors why investing in stocks can be so exciting and how patience can pay off in the long run. The term "tenbagger," or " emberger," simply means that an investment in a stock has increased at least tenfold. This means that you need to see a gain of at least 900 percent on the stock price.
German companies are, on the one hand, hard to find, but on the other hand, it's all the more gratifying when you have them in your portfolio. But now, let's figure out for ourselves how to find such opportunities and when the right time to enter the market is. We'll do this using practical examples.
That means we'll look at our own portfolio, and in our largest, cheapest stock, we have a tenbagger. Becker, which has essentially been in the portfolio since February 2010, has shown that from February 2010 until now, a certain amount of patience was required to simply let the company work and allow the added value generated by the company to materialize.
And yes, the company is called Atoss Software, located in Munich, and is a small software company that essentially develops software for employee deployment, collaboration, planning, and the utilization of other resources. This is actually a very clever market because some resources are wasted by not properly utilizing employees and by not allowing them to choose their shifts and times.
This kind of democratization of work is all possible with an app from Atoss Software. It sounds like a specialized niche, and that's clear. It's also important that the company moves into a profitable niche, and only then can it achieve double-digit growth in the long term. You've already mentioned several components; we have a niche that...
Making competitors as unattractive as possible to enter the market and creating price pressure results in high margins for companies occupying this niche, and the returns on invested capital are also very attractive, contributing to growth. On the other hand, we have the ideally double-digit growth that occurs over a long period.
For example, we've been involved for ten years now, and the company has been around much longer. We can now look at the curve again. It initially appears quite horizontal, although there have been many multipliers. Towards the end, it rises more and more sharply. The white curve represents the pure share price, and the orange curve is essentially the share price including dividends, which are always invested in the share price during the payout phase.
We can clearly see that another aspect is that the dividends, which initially seem low for a growth company, are because the majority of the money must remain in the company, as it is better invested there and can ensure further growth. This is what the company aims to achieve. Dividends can significantly boost overall performance over time, absolutely, and just to give you some figures, as I said, yes, Artus is a Ten Bürger, but more like Ten Becker with a surefire approach.
That means since February 2010, the company has achieved 1850 percent with dividends, which is 34 percent every year. So, incredibly good returns. And you also have to consider that we've been following the company for a while, meaning we've also bought more shares at higher prices. Our entry price was somewhere around €17.50, and we've already seen a gain of 1000 percent on that, even without dividends.
What's also interesting is that Artus has gained a special status in the last year because management practices very good capital allocation and looks at how best to use the available capital. And there are several possibilities for that, including share buybacks. I asked the board about share buybacks, and he said...
The stock is already highly and possibly even expensively valued, so we're burning money, and that's exactly what I wanted to hear. How about dividends or special dividends? Think about paying them regularly. Last year there was a substantial dividend. And what about acquisitions? Here, you look at the market in detail and don't just make a spontaneous decision.
If you're going to invest your own money, then a reasonable price has to be reached, there has to be a reasonable outlook, and management has seen very few opportunities for that so far. So, they really have a good capital allocation here. But I also have to say that people have learned from this area.
Six or seven years ago, they also had gold on their balance sheet, and what does gold do? Gold, of course, works very differently from the company's normal cash flows. Those are increasing due to the niche and the growth within the niche. But Goldschmidt also sometimes... It gets high and can't be predicted, and the manager said so.
Okay, for me, it's slowly decreasing. It simply makes our business model too unstable and unpredictable. That was the right way, and now they're really working cleverly in the area of capital allocation and can thus achieve a very strong return. Now we're already talking about capital allocation. What does the investor need to bring to the table?
The son of Ben Becker has been following the company for a while. Yes, the investor, of course, has to find the investment. The question is, is it ever too late to invest in such a company? That's a question of valuation. Ultimately, if you—well, we ourselves— let the company run for twelve or thirteen years, so if you had invested around the turn of the millennium, you probably wouldn't have to work anymore, depending on the amount invested.
Nevertheless, as long as the story is intact, as long as the company grows, as long as it continues to develop, as long as there's a market and demand for the products, it 's never too late to invest in the company. The crux of the matter is simply that you invest at the most attractive price possible.
And if the growth rates are high, then you should n't be blinded by seemingly high multiple valuation multipliers, because they're almost always high for growth companies. And if you look at the static... If the P/E ratio, for example, is compared to the growth rate and the two values are not too far apart, we've already made several videos about this in the past.
So, if there's an attractive ratio, then you can invest where you want, and the company grows, as you've seen, into this currently high valuation, and in the future, you'll have a significantly lower price-earnings ratio. Exactly, you have to consider the growth figure, always in relation to the price.
The balance sheet also needs to be checked regularly. Is the balance sheet still healthy? Is there a certain amount of net capital, or are you just exceeding your growth figures for your expansion through increased debt financing? That does n't work well in the long run. You have to grow organically and not necessarily rely on inorganic capital.
Companies in the west of the market are heavily leveraged or dependent on debt financing, absolutely not. So, the company has hardly any debt and high net liquidity, and pay attention to that. Our high valuation from the storm before the merger. Growth companies, exactly, that means healthy growth from within, if you will, provides stability under uncertainty.
From our perspective, what qualities must a company like Tenberge possess? Firstly, a strong niche, profitable growth, and good management that considers how to best generate returns with the money. Secondly, as an investor, you simply need patience; this won't happen overnight, it will likely take years. But if you persevere, you will be rewarded with truly excellent returns.
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